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2017 (9) TMI 856 - Tri - Insolvency and BankruptcyCorporate insolvency resolution process - non-compliance of requisite statutory requirement given in Secs.8 and 9 of the I & B Code - operational creditor has not issued demand notice prescribed - Held that:- In this case it is undisputed, that before filing an application in Form 5 under the I & B Code operational creditor has not issued demand notice prescribed in form and operational creditor has also not annexed affidavit relating to the fact that there is no notice given by the corporate debtor relating to the dispute of unpaid operational debt. Certificate from financial institution has not been annexed to show that no payment of unpaid operational debt has been made by the corporate debtor. This requirement of complying with the statutory requirements of sub-clause (3) of Sec.9 of the I & B Code is mandatory for initiating corporate insolvency process and only on completion of the conditions mentioned aforesaid, petition can be admitted under the provision of clause 5 of Sec.9 of the I & B Code. In Sec. 5 condition has been prescribed for admitting the petition which clearly specifies that if the application made under sub-sec. (2) is complete and there is no repayment of unpaid operational debt and invoice or notice was made to the corporate debtor has been delivered by the operational creditor and no notice of dispute has been received by the operational creditor or there is no record of dispute in the information utility and there is no disciplinary proceeding pending against the resolution professional proposed then adjudicating authority has to admit the petition under Clause 5 Sec.9. The application for initiating corporate resolution process against the corporate debtor is rejected due to non-compliance of requisite statutory requirement given in Secs.8 and 9 of the I & B Code
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